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Anyone buy their own health insurance?

In about 4 years my husband will become a stay at home dad and I will be the family's breadwinner. I will make decent money, but we won't be rich, and we will have to have a good cushion saved, since my income will vary each year.

We're looking into buying our own health insurance for when that happens. Currently we get it through my husband's work. I thought THAT premium was high at $300 a month, but for a roughly equivalent plan we're looking at $1,400 EVERY MONTH.

Is there any way to lower those costs? How do you make it work if you have a higher deductible plan? I could get a $10,000 deductible for $140 a month lol, but who could afford $10,000 in medical expenses?

Thoughts?

 
Ati_13

Asked by Ati_13 at 2:33 PM on Jul. 11, 2011 in Money & Work

Level 24 (21,184 Credits)
This question is closed.
Answers (9)
  • Having insurance is better than not having any- and that includes the high deductible. Ours is currently at $8000- and then it will cover 100% after that. We might be able to scrape together $8000 to pay it- but the truth is, we can handle an $8000 bill that we pay on every month. We can't handle a million dollar one- or even a hundred thousand.

    Look at it this way- have insurance to catch the big things. You can handle $10,000- even if that just means $100 a month for the next 10 years. Set aside some money for when you do need to go to the doctor. And then hope you'll never actually need to pay out your entire deductible.
    Erica_Smerica

    Answer by Erica_Smerica at 2:46 PM on Jul. 11, 2011

  • I've only been looking for a month or so and have not found affordable health insurance. Good Luck.
    meooma

    Answer by meooma at 2:35 PM on Jul. 11, 2011

  • Try assurant health. A few years ago we bought a plan through them. I think it was around $350 a month and was pretty decent insurance.
    SalemWitchChild

    Answer by SalemWitchChild at 2:35 PM on Jul. 11, 2011

  • Btw that was for our whole family. I kept it for a year till we got insurance through my work.
    SalemWitchChild

    Answer by SalemWitchChild at 2:36 PM on Jul. 11, 2011

  • I do. For just myself I pay nearly $400 a month - if I had my kids on with me (used to, had to drop them and put them on medicaid) it would be almost $2000/month. DH has his own also, I think he pays about $90/month. I have yet to find a way to do it cheaper, other than the fact that we qualify to have the kids on medicaid - not ideal, and it won't be forever, but for now it's working & necessary for us.
    Anonymous

    Answer by Anonymous at 4:37 PM on Jul. 11, 2011

  • If you are "saving" 1260$ a month by going with a plan with a 10,000$ (yearly family?) deductible, you will still come out over $7000 ahead, all else being equal.
    KateDinVA

    Answer by KateDinVA at 5:34 PM on Jul. 11, 2011

  • How big is your family? This is my job, i underwrite individual medical policies for BCBS. $1400 is one of the highest monthly premiums i have ever seen. Our plans can be expensive, but you shouldn't be paying $1400 a month. The best advice I can give is, really shop around and compare the products. Most places now have HSA plans with the higher deductibles. It will allow you to save pretax money in an hsa account and then use those funds to pay your out of pocket expenses including your deductible. Figuring out if an hsa plan is right for you takes a lot of calculation and pen and paper work but it's worth it if it saves money. Also, at least for our company, skip the maternity coverage unless you absolutely need it. It can add up to $500 a month alone. They will increase your rate based on medical history and prescription use. That is the major factor. If everyone is healthy, you should be able to find something much cheaper
    Trinity001

    Answer by Trinity001 at 6:56 PM on Jul. 11, 2011

  • If you want more details on how the high deductible hsa plans work just let me know. I've had one myself and loved it. I had a $1500 deductible but paid nothing out of pocket except for the same amount i had deposited into my hsa plan a month. With the super high deductibles, 10K (we actually sell a 20K family plan deductible) the premium is much cheaper. You could take the extra your saving a month and put it in a savings account. Much like an hsa plan. Then if you have a $500 ER visit or something, you have the funds set aside already. You can probably do some simple calculations to see which would benefit you more. Keep in mind that the insurance company and physicians work on a discounted rate. So even if you have to pay 100% of a dr. visit, that discount still applies. Making a $150 office visit that they charge to cash accounts into a $90 visit.
    Trinity001

    Answer by Trinity001 at 7:02 PM on Jul. 11, 2011

  • Wow, Trinity, you've been super helpful! I think what we would do is just a savings account to make up the difference rather than an HSA. Don't you lose the money in those at the end of the year?

    We are planning more kids, but I have my babies at home, and the out of pocket for that is really minimal compared to a hospital birth. Would it not cover obstetric emergencies at all if I didn't opt for it, even if I didn't use medical facilities and charge the insurance?

    Anyway, we have a family of 4 right now.

    I honestly don't know where doctors get off charging $150-200 for 10 minutes with them. Pisses me off lol.

    So essentially one of these high-deductible plans would be for super catastrophes only... like a cancer diagnosis or an ICU stay, right?
    Ati_13

    Comment by Ati_13 (original poster) at 7:17 PM on Jul. 11, 2011

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